Pages

Thursday, 24 September 2015

Update on DJIA and EURUSD

Following yesterday's posts, the DJIA has performed exactly as I said it would, falsely breaking out of the black tramline channel in the overnight and European session, and then returning sharply into channel when US buyers arrived. Here is the chart at 12:30 UK time.

It is perfectly clear that one of these tramline sets is working, probably the black one, but in any event, a drop to 16025 seems inevitable in either scenario. In short we are still selling rallies.

EURGBP has been similarly successful since this morning's post. It has smashed through the 38.2% target and is well on it's way to my ultimate 50% target of 1.1280. I took half off at 38.2% as per my plan. I don't regret this. Sticking to a plan is more important than today's profit.